Lilium has exceeded the target it set for a funding round launched on May 1, effectively raising $42 million more than the projected $250 million goal. The eVTOL aircraft developer confirmed on July 14 that over and above the $100 million it received in early May, it has attracted a further $192 million from an existing shareholder and through a $42 million private placement of new shares.
In the May 1 agreement, Aceville, which is an affiliate of existing venture capital investor Tencent Holding, invested $100 million in the German company and pledged a further $75 million if it raised at least the same amount in equity, debt, or grants from third parties. Lilium has achieved that objective through an “upsized” $75 million underwritten public offering of 57,692,308 of its Class A ordinary shares and a concurrent $42 million public placement of 32,146,147 shares and warrants to purchase a further 8,036,528 shares.
Earlybird Venture Capital has led support for the new public placement of shares, which has also come from BIT Capital, UVC Partners, and Frank Thelen, as well as multiple Lilium board members and senior executives. The two batches of shares released were priced at $1.30 and $2. At the end of trading on July 13, Nasdaq-listed Lilium’s shares closed at $1.40.
The public offering of Lilium stock closed on July 19, with the private placements to follow in two batches by July 31. The company is aiming to achieve EASA type certification in 2025 and be ready to make its first deliveries in 2026.
This story was updated on July 19 to confirm the closure of the latest Lilium stock offering.
